Walt Disney Co (NYSE: DIS) rallied 2.50% to $101.05 on Monday after IMAX Corporation (USA) (NYSE: IMAX) announced that The Jungle Book, a movie from The Walt Disney Studios, opened with $20 million on 901 IMAX 3D screens globally – marking the best-ever IMAX opening of a PG-rated title.
"IMAX fans around the world have spoken and The Jungle Book is a bona fide, crowd-pleasing hit across all age groups," said Greg Foster, Senior Executive Vice President, IMAX Corp. and CEO of IMAX Entertainment. "Our hats are off to Jon Favreau and the entire team at Disney for creating a remarkable IMAX 3D experience that works on every level. With an "A" Cinemascore, excellent word-of-mouth and stunning visual imagery that truly lends itself to The IMAX Experience, we look forward to the film's continued global success over the coming weeks."
Fans are more likely to spend $3 to $5 more a ticket to see The Jungle Book in 3-D, which can lift opening-weekend sales considerably. To emphasize the scope and scale of this movie, Disney introduced a mazelike Law of the Jungle website in partnership with the female-leaning Tumblr; ran special promos at IMAX theaters focusing on the snake Kaa; and created a touring virtual-reality experience and 360-degree Facebook video emphasizing the “Avatar”-like world of its jungle.
The Jungle Book which started playing one week earlier in some foreign countries, brought in $136.1 million overseas, earning a world-wide gross of $239.7 million. It has performed particularly well in China, where it fetched $50.3 million. In India, where the film is set, it collected $20.1 million.